Share your CARS / Cash for Clunkers experience

  • Posted by a hidden member.
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    Aug 16, 2009 9:10 AM GMT
    Hey guys, considering jumping in on this whole cash for clunkers thing... wanted to get soem feedback from any of you guys that have benefited from it or were discoraged by it
  • Posted by a hidden member.
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    Aug 16, 2009 6:31 PM GMT
    What, no one? really?

    i'm way curious myself - i hardly know anything about it...
  • Posted by a hidden member.
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    Aug 16, 2009 7:13 PM GMT
    I'm considering just driving my car into the ocean and then moving to New York.
  • Posted by a hidden member.
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    Aug 16, 2009 7:15 PM GMT
    I was tempted to go buy a $500 clunker that barely ran just so I could go get a newer cheaper car.

    As it stands now, I'm going to continue saving my money by not owning an automobile, and biking my happy ass everywhere. No insurance, no repair costs, no upkeep problems, no gasoline, and no looking for parking spaces. Fun times icon_biggrin.gif
  • Run4Life83

    Posts: 207

    Aug 16, 2009 7:18 PM GMT
    My personal experience was sadness that I couldn't take advantage of it because both of my cars get better than 18 mpg based on the government rating system.

    On other forums I've read positive stories from a majority of people, just know EVERYTHING that your vehicle could qualify for. Dealerships can take multiple rebates so if you choose the right vehicle you could get a steal. I read of a woman who traded in a Ford Taurus from 1983 or something and left with a 2009 Ford Focus for which she owes just over $2000. Her rebates: CARS credit of $4500, Ford Returning Customer, efficient gas vehicle and one or two others.

    Good Luck!icon_smile.gif
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    Aug 16, 2009 7:27 PM GMT
    It seems to be doing wonders for the dealers and the salespeople. My ex works for Honda, who is also doing the cash-for-clunkers thing, and he says it's kept the showroom full and the inventory going out smoothly. He says he's made lots in commissions, probably more than he made before the economy went belly-up.
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    Aug 16, 2009 7:56 PM GMT

    I do pro bono consulting for a non profit http://bonnieclac.org, which helps (mainly low income) people with credit issues repair their credit issues, become educated in the fundamentals of household financial management and navigate the process of buying a new or reliable used car. During the six to eighteen months of credit counseling and education, we often loan cars to our clients.

    We have had two interactions with the Cash for Clunkers program. First we had some clients ready to buy cars who had their own (usually very old, and marginally reliable) cars, which qualified as trade ins under the Cash for Clunkers program. The problem was that the rules say you the car you are giving up must be registered in your name and insured in your name for 12 months prior to trading it. In New Hampshire, where we are based, auto insurance is not mandatory and many of our clients can't afford it.

    One of New Hampshire's senators is a crusty old nasty dinosaur (Judd Gregg) the other is lovely (Jean Shaheen). A call to Senator Shaheen and New Hampshire got an exemption for the insurance rule.

    We have also asked for a much tougher rule amendment. Some of the cars that are being surrendered in the program would be serviceable as loaner cars for clients still undergoing counseling and education. But it does not appear that we are going to be able to get an exception to save some of those cars from having their engines destroyed. The senators and congressmen who supported the program are clearly very concerned that any hint of fraud could undermine the program and their credibility. So, while they recognize ours is a worthy cause, rules is rules in this case.

    As an aside, I was tempted to trade in one of my cars under Cash for Clunkers: a 1998 Volvo with 192,000 miles on it, but it's too fuel efficient to qualify!
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    Aug 17, 2009 1:53 AM GMT
    I don't think this program makes sense for a lot of people. Like particularly the ones that don't drive a lot. If your car is paid off, and it runs relatively well, and you only drive around town.. They why put yourself into debt on a new car? And add higher insurance premium. And higher registration fees.

    I think the $4500 is making people buy cars on an impulse. And so many cars in good working condition are being destroyed.